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Benjamin Graham

Benjamin Graham Quotes

Investor

Benjamin Graham, born on May 9, 1894, in London, England, was a renowned investor and securities analyst. He had a profound impact on the investment field and was hailed as the 'Father of Modern Investing'. Graham's investment philosophy emphasizes value investing, advocating for investors to focus on the fundamental aspects of companies rather than market sentiment. His book, 'The Intelligent Investor', has had a significant influence on generations of investors.

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Famous Benjamin Graham Quotes

“The utility, or intrinsic value of gold as a commodity is now considerably less than in the past; its monetary status has become extraordinarily ambiguous; and its future is highly uncertain.”

Past Values Gold Uncertain Commodity Utility Monetary Ambiguous Intrinsic Value

Author:Benjamin Graham

“All the real money in investment will have to be made as most of it has been in the past not out of buying and selling but out of owning and holding securities, receiving interests and dividends therein, and benefiting from their long-term increases in value. Hence stockholder's major energies and wisdom as investors should be directed toward assuring themselves of the best operating results from their corporations. This in turn means assuring themselves of fully honest and competent managements.”

“The purchase of a bargain issue presupposes that the market's current appraisal is wrong, or at least that the buyer's idea of value is more likely to be right than the market's. In this process the investor sets his judgement against that of the market. To some this may seem arrogant or foolhardy.”

May Ideas Seems Values Process Issues Currents Judgement Investors Arrogant Bargains Buyers Appraisal Foolhardy

Author:Benjamin Graham

“The value of the security analyst to the investor depends largely on the investor's own attitude. If the investor asks the analyst the right questions, he is likely to get the right or at least valuable answers.”

Ifs Values Asks Answers Attitude Security Depends Valuable Investors Analysts Right Questions

Book:The Intelligent Investor: A Book of Practical Counsel

Source: The Intelligent Investor: A Book of Practical Counsel

“A price decline is of no real importance to the bona fide investor unless it is either very substantial say, more than a third from cost or unless it reflects a known deterioration of consequence in the company's position. In a well-defined bear market many sound common stocks sell temporarily at extraordinary low prices. It is possible that the investor may then have a paper loss of fully 50 per cent on some of his holdings, without any convincing indication that the underlying values have been permanently affected.”

“The investor has the benefit of the stock market's daily and changing appraisal of his holdings, 'for whatever that appraisal may be worth', and, second, that the investor is able to increase or decrease his investment at the market's daily figure - 'if he chooses'. Thus the existence of a quoted market gives the investor certain options which he does not have if his security is unquoted. But it does not impose the current quotation on an investor who prefers to take his idea of value from some other source.”

Ifs Giving May Doe Ideas Able Certain Values Existence Security Figures Source Benefits Increase Investment Currents Investors Quotations Decrease Appraisal

Author:Benjamin Graham

“An investor calculates what a stock is worth, based on the value of its businesses.”

Values Investing Investors

Book:The Intelligent Investor, Rev. Ed

Source: The Intelligent Investor, Rev. Ed

“The value of any investment is, and always must be, a function of the price you pay for it.”

Values Pay Function Investment Investing

Author:Benjamin Graham

“We urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.”

Trying Values Effort Study Security Waste Judgment Beats Tests Investing Buying Urges Smallest Versus Beginners

Book:The Intelligent Investor: A Book of Practical Counsel

Source: The Intelligent Investor: A Book of Practical Counsel

“Mr. Market does not always price stocks the way an appraiser or a private buyer would value a business. Instead, when stocks are going up, he happily pays more than their objective value; and, when they are going down, he is desperate to dump them for less than their true worth.”

Way Doe Values Pay Investing Objectives Desperate Dump Buyers True Worth

Author:Benjamin Graham

“The best values today are often found in the stocks that were once hot and have since gone cold.”

Today Values Found Gone Cold Hot Investing

Author:Benjamin Graham

“In security analysis the prime stress is laid upon protection against untoward events. We obtain this protection by insisting upon margins of safety, or values well in excess of the price paid.”

Wells Values Security Events Stress Paid Safety Protection Analysis Prime Excess Margins Insisting

Book:Security Analysis: The Classic 1934 Edition

Source: Security Analysis: The Classic 1934 Edition

“... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.”

Years Has Beens Done Values Community Loss Growing Streets Wall Financial Damage Equity

Author:Benjamin Graham

“I am no longer an advocate of elaborate techniques of security analysis in order to find superior value opportunities.”

Values Order Opportunity Security Investing Technique Superiors Analysis

Author:Benjamin Graham

“A stock is not just a ticker symbol or an electronic blip; it is an ownership interest in an actual business, with an underlying value that does not depend on its share price.”

Doe Values Interest Share Depends Symbols Ownership Share Price

Book:The Intelligent Investor, Rev. Ed

Source: The Intelligent Investor, Rev. Ed

“In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine, whereon countless individuals register choices which are the product partly of reason and partly of emotion.”

Should Reason Values Choices Individual Emotion Quality Issues Products Machines Voting Mechanism Register Weighing

Book:Security Analysis: Principles and Technique

Source: Security Analysis: Principles and Technique